-LRB- CNN -RRB- The election of a new anti-austerity government in Greece is raising questions about how the debt-laden state will satisfy its creditors and citizens weary of cost-cutting measures .

The leader of the left-wing Syriza party , Alexis Tsipras , was sworn in as Greece 's new Prime Minister on Monday after forming a coalition with the right-wing Independent Greeks party .

Tsipras has vowed to end austerity measures and renegotiate the terms of Greece 's European Union bailout .

Since 2010 , Greece has received bailouts totaling 240 billion euros . In return , the International Monetary Fund , European Commission and European Central Bank demanded tax hikes , a freeze on state pensions , bans on early retirement and deep cuts in government salaries .

Syriza 's pledges to try to get some of Greece 's colossal debt written off and roll back unpopular austerity measures appealed to exasperated members of the electorate -- even if they potentially jeopardize Greece 's place in the eurozone . The party 's victory could lead to a dramatic showdown with the debt-laden nation 's lenders .

Syriza 's message is one that has also resonated in other southern European countries under the restrictions of international bailouts . Its victory could boost other populist parties , such as Beppe Grillo 's anti-euro Five Star Movement in Italy and the Podemos Movement in Spain .

Declaring victory for Syriza on Sunday after polls showed it winning at least 149 seats in the 300-seat parliament , Tsipras , 40 , appeared to brace for a bigger battle .

`` We are regaining our lost dignity . ... Now that we are heard by all of Europe , we will fight with the same passion , the same confidence , '' he told cheering supporters . `` So let 's go and let 's all continue this beautiful and tough fight , '' he said .

`` Greece leaves behind the austerity that ruined it , leaves behind the fear , leaves behind five years of humiliation , and Greece moves forward with optimism and hope and dignity , '' he told the crowd .

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European Central Bank Executive Board member Benoît Cœuré told CNN on Monday that Greece would still have to pay its debt .

`` They have to pay ; those are the European rules of the game . There is no room for unilateral action in Europe , that does n't exclude a discussion , for example , on the rescheduling of this debt . But I would like to underline that it 's not the ECB 's money -- it 's the governments ' money ; it 's a discussion between Mr. Tsipras and the European governments . ''

Chief EU Commission spokesman Margaritis Schinas said it respected the `` sovereign choice of the Greek people . ''

`` We are ready to engage with the new government once it is formed . Greece has made remarkable progress in recent years , and we stand ready to continue to assist Greece in addressing the remaining reform challenges , '' he said .

The austerity imposed by Greece 's international creditors has cut deep . Unemployment has soared to 28 % , and many people who still have jobs have seen drastic decreases in wages , pensions frozen and the retirement age pushed back .

The governing New Democracy party had pointed to recent improvements in economic indicators as signs that things were getting better .

After conceding defeat Sunday , outgoing Prime Minister Antonis Samaras said his conscience was clear .

`` I got a country on the verge of ruin . I was asked to try and save it , and I did it , '' he said . `` Most people did not believe we could stand strong , but we did . ''

Now , he said , Greece is secure and `` slowly walking away from the crisis . ''

`` And more than anything , '' he said , `` I give back a country that is a member of the European Parliament and the euro . ''

On Monday , the CEO of one of Greece 's largest banks , Piraeus , said Syriza was coming to power at a `` fortunate time . ''

`` The tide is changing in Europe , the macro is improving in Greece , the European Central Bank is launching an unprecedented easing , and that will have a significant bearing on the fortunes of Greece going forward , '' Anthimos Thomopoulos said .

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`` Greece has already gone through massive adjustment , much of the hard work has already been completed , the green shoots of recovery are already there , so this is a great opportunity for Greece , a great opportunity for a new government . ''

In his victory speech Sunday , Tsipras noted that Greece 's election could have an impact far beyond his country 's borders .

`` Our victory is , at the same time , it 's a victory for all the people of Europe that are fighting against austerity that 's ruining the common European future , '' he said .

But it 's unclear how Syriza 's plans to renegotiate the bailout would play out .

Is Alexis Tsipras man of the moment ?

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Alexis Tsipras has been sworn in as Greece 's new Prime Minister

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Greece 's anti-austerity party Syriza has claimed victory in the parliamentary elections

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The European Central Bank has said that Greece will still have to pay its debts